Nigeria: FBN Holdings Names Olusegun Alebiosu Acting CEO of First Bank After Adeduntan Resignation

FBN Holdings announced the appointment of Olusegun Alebiosu as Acting Chief Executive Officer of First Bank of Nigeria with immediate effect on 21 April 2024, following the resignation of Dr. Adesola Adeduntan as managing director and chief executive officer of Nigeria's oldest commercial bank. The appointment is subject to the formal approval of the Central Bank of Nigeria.

Alebiosu stepped into the acting role directly from his position as Executive Director and Chief Risk Officer of First Bank.

BACKGROUND

First Bank of Nigeria is the country's oldest commercial bank. The bank has subsidiaries in several other African markets.

In 2021 the First Bank board attempted to remove Dr. Adeduntan before the CBN intervened, dissolving the bank's board and reinstating him, saying the change had not been approved by the regulator.

FBN Holdings is the listed holding company that owns First Bank of Nigeria alongside other financial services subsidiaries.